Arcus Biosciences (NYSE:RCUS) Stock Price Down 6.1% – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS)’s stock price was down 6.1% during trading on Tuesday. The company traded as low as $22.83 and last traded at $22.8450. 450,804 shares were traded during trading, a decline of 65% from the average session volume of 1,287,246 shares. The stock had previously closed at $24.34.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RCUS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcus Biosciences in a report on Friday, July 17th. Wells Fargo & Company increased their price target on shares of Arcus Biosciences from $23.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. HC Wainwright boosted their price objective on shares of Arcus Biosciences from $32.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 20th. Truist Financial restated a “buy” rating and set a $40.00 price target (up from $35.00) on shares of Arcus Biosciences in a research note on Tuesday, September 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcus Biosciences in a research note on Friday, September 11th. Ten analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Arcus Biosciences currently has an average rating of “Moderate Buy” and an average target price of $38.30.

Arcus Biosciences Price Performance

The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.22. The stock has a fifty day moving average of $27.43 and a 200-day moving average of $26.19. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -5.83 and a beta of 0.94.

Arcus Biosciences (NYSE:RCUS) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.72) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.17. Arcus Biosciences had a negative net margin of 393.16% and a negative return on equity of 89.54%. The firm had revenue of $41.00 million during the quarter, compared to analysts’ expectations of $21.98 million. The firm’s revenue for the quarter was down 74.4% on a year-over-year basis. On average, equities research analysts predict that Arcus Biosciences, Inc. will post -3.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arcus Biosciences news, CAO Alexander Azoy sold 2,827 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $30.00, for a total transaction of $84,810.00. Following the transaction, the chief accounting officer directly owned 39,581 shares of the company’s stock, valued at approximately $1,187,430. This trade represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 7.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arcus Biosciences

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in Arcus Biosciences by 22.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,855 shares of the company’s stock worth $125,000 after purchasing an additional 889 shares during the period. WINTON GROUP Ltd increased its holdings in Arcus Biosciences by 59.7% during the 2nd quarter. WINTON GROUP Ltd now owns 52,398 shares of the company’s stock valued at $1,615,000 after acquiring an additional 19,578 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Arcus Biosciences in the 2nd quarter valued at approximately $30,000. Arizona State Retirement System boosted its stake in shares of Arcus Biosciences by 1.7% during the second quarter. Arizona State Retirement System now owns 24,211 shares of the company’s stock valued at $746,000 after acquiring an additional 409 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of Arcus Biosciences during the second quarter worth about $134,000. 92.89% of the stock is owned by institutional investors and hedge funds.

Arcus Biosciences Company Profile

Arcus Biosciences, Inc is a biopharmaceutical company focused on discovering and developing medicines for the treatment of cancer. The company uses a proprietary research platform to develop small-molecule and antibody-based therapies designed to target biological mechanisms involved in tumor growth and immune-system regulation.

Arcus’ oncology pipeline has included investigational therapies such as zimberelimab, an anti-PD-1 antibody; domvanalimab, an anti-TIGIT antibody; quemliclustat, a CD73 inhibitor; and etrumadenant, an adenosine receptor antagonist.